The following is an excerpt from ADAM LEVIN | July 25, 2012 | abcnews.go.com |
During the endless hearings leading up to the passage of the Dodd-Frank Wall Street Reform Act, which has its two-year anniversary this week, and an even more taxing series of hearings defending its existence, Elizabeth Warren, the Harvard Professor who can rightly be called the birthmother of the Consumer Financial Protection Bureau, said “America needs a cop on the beat.” Well, this week the CFPB issued its first major ticket and it’s a doozy — $210 million.
According to a statement from CFPB director Richard Cordray, (you remember, he’s the fellow the Party of No said, well, “No” to…), representatives working for a third-party vendor engaged in deceptive practices by hawking “Payment Protection” and “Credit Monitoring” products to consumers with low credit scores and low credit limits.
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